News
FOMC minutes, 4 May, show worries over inflation
Minutes from the Federal Reserve's 4 May FOMC meeting released on 1 July showed that nearly two months before the Fed raised short-term interest rates on Wednesday, some board members made it clear that they were more worried about inflation than Alan…
EurAsEC central banks celebrate 10th anniversary
The council of the chiefs of the central banks of EurAsEC countries held their 10th anniversary session in Bishkek last week.
Arhar says Slovenia not ready for euro
Slovenia is not sufficiently prepared to enter the Exchange Rate Mechanism II (ERM II), France Arhar, chairman of the Slovene branch of Bank Austria Creditanstalt, told the weekly Mag, saying that the country is experiencing unusual circumstances in long…
Turkey to introduce new lira notes
Turkey has already completed the printing of the first run of the new one lira note and delivered them to branches of the Central Bank, the deputy chairman of the Turkish Central Bank announced on Thursday 1 July.
Dutch and Belgians plan to scrap small change
The Netherlands and Belgium have indicated that they will soon scrap the one and two cent euro coins, EUobserver reports.
Hosokawa calls for flexible BOJ policy
Koichi Hosokawa, who on Friday 2 July took over as the top career official at the Ministry of Finance in Japan, said he wants the Bank of Japan to implement "flexible" monetary policy amid a rise in long-term bond yields.
QC ends BCCI address after record 79 days
The longest opening address in English legal history ended on Thursday 1 July with Gordon Pollock, QC, winding up the evidence that liquidators of the collapsed Bank of Credit and Commerce International are citing in the £850m damages suit versus the…
Safer, smarter, more secure US $50 note
The newly redesigned Series 2004 US $50 notes, featuring subtle background colours of blue and red, images of a waving American flag and a small metallic silver-blue star, will be issued beginning on September 28, the U.S. government announced on 30 June…
Federal Reserve increases rates by 0.25%
The Federal Open Market Committee decided Wednesday 30 June to raise its target for the federal funds rate by 25 basis points to 1-1/4 percent. In a press release the FOMC repeated "policy accommodation can be removed at a pace that is likely to be…
BOJ's Taya says recovery gaining momentum
Japan's economic recovery is "clearly" gaining momentum, according to Teizo Taya, a Bank of Japan policy board member. But he said it was still "not appropriate" for the BOJ to change its current policy at the moment.
World should expect further rate rises says King
The world economy is set on a new trend of gradually higher interest rates, the governor of the Bank of England, Mervyn King, said in an interview published Thursday. He also said UK house prices had been "very important" in recent months in MPC meeting…
Russian PM proposes central bank restructuring
Russian Prime Minister Mikhail Fradkov has suggested the Russian central bank consider its restructuring at a government meeting on Thursday.
Trichet says ECB not influenced by Fed, BoE
European Central Bank president Jean-Claude Trichet said Thursday, at the ECB's post meeting press conference after it left eurozone interest rates unchanged, that the ECB is not being influenced by decisions of the Federal Reserve, Bank of England and…
BIS Conference on Inflation, 18-19 June
The programme from the BIS Conference on "Understanding Low Inflation and Deflation" Brunnen, Switzerland, 18-19 June 2004, includes speeches "Changes in the inflation process" by Stephen Cecchetti and "Deflation in historical perspective" with…
BoJ's Monetary Policy Meeting Minutes, 19/20 May
The Bank of Japan released the minutes from its 19 and 20 May Monetary Policy Meeting on 30 June. Many members said that the Bank was conducting monetary policy in accordance with the commitment based on the CPI. Some members said that it was becoming…
BOJ: Japan may be moving to US model
Japan's economy may be moving toward a U.S.-style pattern of consumer-led growth, said Hideo Hayakawa, director-general at the Bank of Japan's research and statistics department.
Snow says higher rates won't dampen US growth
US Treasury Secretary John Snow on Tuesday 29 June expressed optimism that rising market-based interest rates will not act as a drag on the US economic recovery. The Federal Reserve was expected to raise US interest rates at the conclusion of its FOMC…
UK's King says MPC doesn't target house prices
The Bank of England's governor Mervyn King insisted on Tuesday 29 June that the interest rate-setting Monetary Policy Committee does not target house prices when it sets interest rates.
Koizumi supports Japan's zero rates
Japanese five-year notes rose for a second day on Wednesday 30 June after Prime Minister Junichiro Koizumi said conditions are not yet right for the Bank of Japan to end its policy of keeping interest rates close to zero.
Euro central rates & compulsory intervention rates
Further to the decisions taken on 27 June 2004 on the euro central rates in ERM II for the Estonian kroon, the Lithuanian litas and the Slovenian tolar, the compulsory intervention rates for these currencies have been established with effect from 28 June…
Three new currencies included in ERM II
At the request of the Estonian, Lithuanian and Slovenian authorities, the ministers of the euro area Member States of the European Union, the President of the European Central Bank and the ministers and the central bank governors of Denmark and Estonia…
New version of the ECB's website
The European Central Bank (ECB) launched a new version of its website (www.ecb.int) on Saturday, 26 June. The site's design has been modernised and the contents restructured in order to make it more user-friendly, the ECB said.
New online resource for banking supervisors
The Bank for International Settlements (BIS) announced on 29 June the launch of FSI Connect, an online information and learning resource developed by the Financial Stability Institute (FSI) specifically for banking supervisors.
Bank of Zambia implements Perago RTGS network
The Bank of Zambia has implemented an electronic funds transfer system supplied by Perago Financial System Enablers, according to FinExtra, to align the national banking industry with international standards for real-time gross settlement (RTGS).